Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,938.15-17.37

THE TAKEAWAY: The US Dollar is attempting to stage a come-back after finding interim support while S&P 500 technical positioning continues to warn of weakness ahead.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September, with a break above that targeting the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes a minor falling channel bottom at 9909.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume. Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1709.01) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at the 23.6% Fibonacci expansion (89.48). Sellers have now cleared near-term support is at 87.42, the 14.6% Fib, exposing the channel bottom at 85.71. A break below that targets the November 7 low at 84.04. The 87.42 level has been recast as near-term resistance, with a reversal back above that aiming for 89.48 anew.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3741+0.0005+0.04%
    USDSGD=X
    1.53730.000.00%
    EURSGD=X
    2.0151+0.0006+0.03%
    GBPSGD=X
    79.9619+0.0521+0.07%
    SGDJPY=X
    5.6521-0.0026-0.05%
    SGDHKD=X
    2.9558-0.0011-0.04%
    SGDMYR=X
    9,879.3379+8.9287+0.09%
    SGDIDR=X
    4.7739+0.0018+0.04%
    SGDCNY=X
    0.9929+0.0005+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,216.40-4.00-0.33%
    GCM16.CMX
    16.27-0.07-0.45%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.10-0.01-0.33%
    HGN16.CMX
    49.23-0.25-0.51%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.8850.0000.00%
    Y92.SI
    0.122+0.004+3.39%
    5H0.SI
    15.45+0.13+0.85%
    D05.SI
    0.138+0.001+0.73%
    5DM.SI
    0.925+0.015+1.65%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    4.60+0.19+4.31%
    B61.SI
    0.315+0.015+5.00%
    D03.SI
    0.225+0.010+4.65%
    5UZ.SI
    0.57+0.02+3.64%
    600.SI
    0.26+0.01+4.00%
    T6I.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.22-0.04-15.38%
    BKZ.SI
    0.145-0.019-11.59%
    5G1.SI
    0.135+0.005+3.85%
    5MQ.SI
    0.205-0.015-6.82%
    B7K.SI
    0.17-0.01-5.56%
    554.SI